Spanish factoring embraces blockchain: InBlock launches to validate invoices and boost SME financing

 

The launch of InBlock marks a milestone in the commercial financing sector in Spain, introducing the blockchain technology as guarantor of security and transparency in operations FactoringAfter two years of collaborative development, the platform begins its journey this October with the initial participation of large entities such as Banco Santander, BBVA, CaixaBank and Banco Sabadell, with the plan to gradually incorporate other operators in the sector.

 

InBlock It is designed to simplify and secure the invoice advance payment process. Its main function is twofold: report whether the invoices have been declared for tax purposes y verify if they have been transferred to multiple entities simultaneously. In this way, streamline operational processes of financial institutions when checking the veracity of the invoice data they acquire from their clients - both SMEs and large companies - and, crucially, prevent the risk of fraud in the market.

 

El President of the AEF, Mr. Carlos DalmauHe highlighted the importance of this initiative, focusing on the main beneficiaries: "We can estimate that there are currently more than 20.000 Spanish companies who transfer their invoices for amounts close to 130.000 million euros per year, these being and in general SMEs are the ones that will benefit the most from the new InBlock technology platform., so that they can access a greater financing capacity already a simplification of operational processes associated with Factoring.”

 

A double verification system with tax support

 

The strength of InBlock resides in your double verification system, which operates collaboratively. Each invoice registered on the platform is:

1. Validated against the rest of the market to detect possible duplicate transfers.

2. Verified before the tax agencies (AEAT and Provincial Treasuries), confirming its existence and tax declaration.

 

This mechanism allows financial institutions to quickly and securely check whether an invoice is valid and whether it has already been previously assigned, streamlining and securing the transfer process.

 

It is important to note that the implementation of InBlock will not represent an additional operational burden for client companies. The only different procedure is the need to empower InBlock at the tax office only once so that you can consult and verify the transferred invoices. The AEF emphasizes that this procedure is carried out completely digitally in just three 'clicks'.

 

Transparency and security with the highest standards

 

The sector has promoted a open system with blockchain technology to offer transparency and security to the market. Any factoring operator in Spain will be able to use this platform, with the aim of maximizing the benefits for companies, as end consumers who use their invoices to finance their working capital.

 

The development of the platform has had the collaboration of EY Spain, who contributed his experience in regulation and technological consulting, ensuring the implementation of the highest safety standards on the market. This ensures the confidentiality and anonymity of the data that crosses the network, protecting sensitive company information.